New initiatives to enhance Macy's sales & earnings

07 Feb '08

3 min read

Macy's Inc announced new initiatives to strengthen local market focus and enhance selling service which, in combination with the consolidation of three Macy's divisions, is expected to enable the company to both accelerate same-store sales growth and reduce expense.

"Improving sales and earnings performance requires innovation in engaging our customer more effectively in every store, as well as reducing total costs," said Terry J. Lundgren, Macy's, Inc. chairman, president and chief executive officer. "We believe the right answer is to reallocate our resources to place more emphasis and talent at the local market level to differentiate Macy's stores, serve customers and drive business.

"In essence, we plan to drive sales growth by improving our knowledge at the local level and then acting quickly on that
knowledge. These moves will benefit our customers as well as our shareholders," Lundgren added. "In addition, we believe our new strategies will speed up decision making and simplify the process of working with our vendors."

Localization Initiatives:
Called "My Macy's," a localization initiative was developed over the past year based on customer research, as well as input from Macy's store managers, senior division executives, merchandise vendors and industry experts. Its goal is to accelerate sales growth in existing locations by ensuring that core customers surrounding each Macy's store find merchandise assortments, size ranges, marketingprograms and shopping experiences that are custom-tailored to their needs.

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